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Mutual funds acquire 10.3% stake in the Coforge Limited

Aug 25, 2023

By: BlinkX Research Team

Mutual funds acquired 62.93 lakh equity shares, or 10.3 percent of the mid-sized IT business, for Rs 2,976 crore.

According to data, the shares were bought on August 24 by SBI Mutual Fund, Societe Generale - ODI, Smallcap World Fund Inc, Morgan Stanley Asia Singapore Pte, Kotak Funds - India Midcap Fund, ICICI Prudential Life Insurance Company, HDFC Mutual Fund, and Aditya Birla Sun Life Mutual Fund.

The acquisition gained significance since promoter Hulst BV, controlled by Baring Private Equity Asia, left the business by selling all 1.62 crore equity shares, or 26 percent of the company, for an average price of Rs 4,722 per share, or Rs 7,683 crore.

Hulst BV sold a 3.5 percent share in Coforge earlier in May for Rs 887 crore in an open market transaction.

The company has introduced a Gen AI platform built to develop business AI skills. According to a statement made by the company on August 24, the platform is completely regulated, including process governance, API governance, and model governance within its foundation.

Source: Media Reports